Shenzhen Stock Exchange publishes 2018 investor survey report: irrational investment is still common

SMM3, 18 March: on March 15, the Shenzhen Stock Exchange released the 2018 individual Investor Survey report, which is the 10th individual investor survey activity of the Shenzhen Stock Exchange since 2009.

Irrational investment behavior is still common, especially in the following areas: the frequency of trading is too high, with 46.4 percent of investors trading several times a week, and 31.9 percent trading one or two times a month, the report said. More than one transaction in the first quarter accounted for 21.7 per cent. Without paying attention to trading stops, 45.3% of investors rarely use stop-loss strategies. In addition, The incidence of familiarity with preferences ("investing in stocks you buy is easier to make money than other stocks"), overconfidence and disposal effects ("I always can't hold profitable stocks and hold lossmaking stocks for a long time") reached 57.6%, respectively. 43.8% and 39.0%.

The report also mentioned that there are significant differences in trading behavior between losers and profits, and that the proportion of the two with stop-loss awareness is almost the same, but at the time of implementation, 61.2% of the profits explicitly implement the stop-loss strategy. The loss was 9.5 percentage points higher than the loss.

In addition, for the current price of the stock, 30.4% of investors think it is too low, an increase of 10.2% to 42.0% compared with the same period last year, which is relatively reasonable, down 3.3% from the same period last year; 27.7 per cent of investors thought it was too high, down 6.8 per cent from a year earlier.

Investors are generally cautious about the overall trend of the market in 2019. The survey showed that 37.5 per cent of investors tended to be optimistic, with 1.5 per cent to 47.0 per cent down from a year earlier and 4.1 per cent to 15.5 per cent down from a year earlier, up 5.6 per cent from a year earlier.

Finally, the report points out that investors hold different expectations for the evolution of various risk factors, and think that "goodwill impairment of listed companies", "stock pledge of listed companies" and "interest rate increase by the Federal Reserve" will have a negative impact on the market. The author holds that "adjustment of monetary and fiscal policy", "trade friction between China and the United States", "financial deleveraging" and "macroeconomic situation" will bring about positive changes.

Generally speaking, although investors tend to be younger and have higher academic qualifications as a whole, irrational investment is still common. To put it simply, stock investment is not only a simple investment, but also, at a larger level, a technical job. An art. Those who can really stand in the stock market, such as Buffett, the state of mind is sure to be several times higher than ordinary people, of course, like Buffett such a calm investment master, the world is also rare. In short, stock speculation can not simply follow others, drift with the flow, speculate their own personality and realm, in order to be proud of the group.